Starknet (STRK) explodes by 100% monthly: is this the next Zcash (ZEC)?

X-user Crypto Tony predicted a rally for STRK to $0.50 “in no time.”

However, this was not the case for Starknet (STRK), which braved the hostile environment and registered a whopping 100% pump over the past month.

Just the beginning?

STRK was worth about $0.12 at the end of September, while its market capitalization hovered around $500 million. At the time the team behind Starknet revealed that it had introduced Bitcoin staking on its network.

The initiative is part of the project’s ultimate goal to become the execution layer for the primary cryptocurrency, “using zero-knowledge (ZK) technology to reliably scale Bitcoin and enable private transactions.”

The development was supported by Re7 Capital, which manages a fund with more than $1 billion in assets under management. Additionally, the Starknet Foundation pledged to distribute 100 million STRK coins to boost Bitcoin activity on its network.

The announcement appears to have sparked a substantial rally for Starknet’s native token, whose valuation rose to nearly $0.20 in early October. In the following weeks, the asset experienced significant volatility, but eventually resumed its upward movement and is now trading at around $0.23 (according to CoinGecko data), representing a triple-digit increase over the past 30 days. Meanwhile, its market capitalization exceeded $1 billion, making STRK the 100th largest in the entire industry.

Its solid performance amid the broader crypto market’s downturn has caught the attention of several industry participants. X-user Crypto Tony described STRK as “the next ZEC,” predicting a rally to $0.50 “in no time.” Recall that Zcash (ZEC) stunned the crypto community by exploding over 1,000% in the past two months.

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Captain Faibik also participated, argue that the STRK “train has left the station” and expects a jump to $0.62 in the following weeks.

The cautious prediction

The X-user Nebrasangooner said STRK’s chart looks “nice”, but had some doubts about whether the rally is sustainable.

“Will this hold? I’m not sure given current conditions, but the chart looks locally bullish for now unless it breaks down.”

Furthermore, STRK’s Relative Strength Index indicates that valuation could soon head south. The technical analysis tool, which measures the speed and magnitude of recent price changes, ranges from 0 to 100 and gives traders an idea of ​​possible reversal points.

Ratios above 70 indicate that the asset is overbought and ready for a pullback, while values ​​below 30 are often seen as a buying opportunity. STRK’s RSI is currently around 80.